Explanation:

As the word social security conveys different meanings to different people in different contexts, it is necessary to define the components that comprise social security. The essential components of social security that need consideration are as follows:
 Life and Disability Cover-
Protection of life comes on top of all priorities in all situations. Everyone is exposed to the risk of untimely death due to disease or accident. The exposure in unorganized sector is all the more because of sub-standard living and deficient care. 
Old Age Income Security-
A person makes up his living by skilled or unskilled work according to his capacity, background and opportunities available in the market. His capacity to do physical work goes on diminishing with increase in age and a stage comes when he can do no more of physical work or becomes unemployable on account of old age. In joint family system, some family support was in-built. But with disintegration of joint family system, old age quite often becomes real curse, if his financial needs are not taken care of.
Health Care and Maternity Benefit-
Without a proper system of health care, country cannot go long on the path of progress and development. At present, health care system is outside the reach of unorganized workers and poor people. Some beginning in this area has been made by way of Rashtriya Swasthya Bima Yojana, which provides cash-less health care to workers and poor people.
Minimum Wages Act-
The Constitution of India envisages a just and humane society and accordingly gives place to the concept of living wage in the Chapter on Directive Principles of State Policy. Even though there is no uniform and comprehensive wage policy for all sector of the economy in India, mechanism exists for determination of wages in the organized and unorganized sector and their enforcement. Wages in the organized sector are determined through negotiations and settlements between employers and employees.